The Jiangsu province capital of Nanjing has just launched a new 10 billion yuan (approx. USD$1.47 billion) blockchain investment fund that will drive application of the technology across a range of areas.
The “100 Billion Level Nanjing Public Blockchain Community Innovation Investment Fund” (百亿级南京公链共同体创新投资基金) was launched by the Nanjing municipal government at the inaugural Industrial Public Blockchain (Nanjing) Summit (产业公链（南京）高峰会议).
The Summit was jointly held by the Nanjing municipal finance office and the Zhongguancun Blockchain Industry Alliance, and saw the participation of the China Computer Federation, the Bank of Jiangsu, the Bank of Nanjing, the Internet Society of China, Nanjing University and Tsinghua University.
According to a report from Kuai Keji the fund will focus on the application of blockchain technologies to areas including cross-border platforms, healthcare, energy, intellectual property and environmental protection.
The first batch of companies to benefit from the new investment fund will include UDAP Foundation and Token X Community.